“Is it a good time to sell? Or might it be a better time to buy? Either way, let’s look at what the numbers are telling us about what the future might hold. The first half of 2022 was a continuation of 2021 with strong buyer demand, heavy competition and multiple offers throughout the Central Florida market, allowing sellers to be in total command. But at the end of June, with mortgage interest rates continuing to climb, we saw a significant decline in buyer demand as the impact of political uncertainty and home affordability was diminishing.
Over the next 90-day period, we saw additional weakness in the market as the number of homes sold and closed decreased, along with the average sales price. As reported by the Orlando Regional Realty Association, that trend continued through the end of September with the number of homes closed, on a year-to-year basis, down 17%, along with current inventory level rising and up almost 44% from the year before. That was good news for buyers”, stated Joe Bornstein, Rock Springs Realty Broker/Owner.
So, what predictions can be made about where the market is heading? “While the Federal Reserve is signaling a few more interest rate hikes in the coming months, the good news is that they most likely will not be as aggressive as earlier thought. This could be a good sign for the easing of mortgage interest rates, which truly is the lifeblood of the industry. Additionally, with listing inventories up significantly, and prices easing, many buyers are predicted to get off the side-lines and pursue their home search starting in 2023 in preparation for the historic spring selling season, stated Bornstein.
If you’re looking to sell or buy anywhere in the Central Florida area, you need the knowledge and experience of the seasoned team at Rock Springs Realty to guide you through all the complexities of the real estate market. You need a team you can trust who will always look out for your best interest.
Rock Springs Realty will take the time to walk you through each step of the process, explain the contract and disclosures, and give you a full understanding of the closing process. They are skilled negotiators who can get you the best deal possible.
Rock Springs Realty is a full-service real estate brokerage offering residential, investment, and commercial services in the Central Florida market since 2008.
They can make it easier for you to find your new home or sell your current one. Voted one of the top real estate offices in Apopka for the past nine years in a row simply validates why they’re the professionals you can count on for making your dreams a reality.
Rock Springs Realty provides the highest level of service and commitment to their customers. They deliver exceptional results for property owners, investors, and residents alike, and have emerged as a clear market leader for the greater Apopka area. They operate with a rigorous commitment to staying in front of rapidly changing market conditions. Their broad range of expertise earns superior results across market cycles and asset classes.
Joe Bornstein and his team provide the highest level of service and foster a culture of efficiency, open communication, and a complete dedication to their clients’ needs. The experienced teams of professionals at Rock Springs Realty include Realtors Joanne Montchal, Dawna Hosier, Christine Nejame-Evans and Kyle Moro. The combined experience of this team represents decades of successful accomplishment of their clients’ real estate transactions.
Always delivering results, you can visit them at www.RockSpringsRealty.com or call toll free (877) 333-2811 to find out how they can assist you with your specific real estate needs in this rapidly changing market. “It’s all about results”, stated Bornstein.
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